Analysts from Danske Bank research firm stated in a report that the rise in USA Treasury yields is driven by an increase in term premium rather than market expectations of the Federal Reserve's policy rates. Analysts pointed out that less than two weeks away from President Trump’s inauguration on January 20, the market is focused on the Trump administration's policies and deficits. Analysts stated: "Due to a significant repricing of the term premium, USA long-term interest rates are rising." The term premium is the additional return required by investors for purchasing long-term bonds instead of short-term bonds. Analysts wrote: "We attribute these changes to market supply concerns, which may be related to the fiscal outlook of the USA." Analysts expect that the Federal Reserve will continue to cut rates starting in March, and that long-term bond yields are expected to decrease slightly by 2025.